What is Coinscrap Finance Meets?
We have launched a new interview format where, together with professionals from the world of banking and insurance, we create the right space and environment to discuss finance, investment, startups and everything related to the fintech and insurtech industry.
- Share knowledge and experiences through use cases
- Dialogue and talk beyond the commercial objective showing the beginning and the motivations of the projects
Guest: Daniel Blanco de Caser with the Cling Cling case
This time, our special guest was Daniel Blanco, Director of the Life and Pensions Business at Caser Seguros. At Coinscrap Finance we have collaborated in the development of the CASER Seguros Cling Cling Savings Plan. David Conde and Daniel Blanco have taken Cling Cling as a reference to begin their dialogue about savings and investment today.
Broadly speaking, Cling Cling makes it possible to digitally contract a unit linked with 3 portfolios that adapt to the risk profile of each user. Once the monthly contribution has been configured, contributions can be increased through savings rules in which the user can select to round up the purchases made with their card thanks to open banking.
This platform allows:
- Round up your purchases and contribute the cents that you have left over.
- Save a % of your payroll every time you collect it.
David Conde: “To understand Caser’s motivations when integrating a solution like the one you finally created with us, tell us a little about it…”
How does it work and what objective do you seek with a solution like Cling Cling?
Daniel Blanco: “For us, the usefulness of Cling Clig is that the client definitely loses the fear of investing. We know that Spanish users are conservative, they are used to investing in public debt or current accounts, a method that no longer exists. So, we want to solve long-term challenges such as retirement and the creation of a good pension plan. To do this, they need to enter the world of equities.”
David Conde: “I remember the time we spent conceptualizing the process…”
How important do you think the user experience is in a fintech application?
David Conde: “Perhaps one of the keys to success that many entities are pursuing is: How to convey the concepts of investment and savings in something usable? There the user experience plays a fundamental role.”
Daniel Blanco: “The product is becoming more of a commodity. The user perceives that there are millions of options and that all products are the same. For me, the most important thing is experience, the application where you enter and check your financial or insurance product is understandable and allows you to communicate easily with the entity.”
How is the PS2D setup being accepted by users?
Daniel Blanco: ” To be honest with you, when I took charge of the project a year ago, the bank aggregation part thought that it would not finish working. At Caser we have a conservative client profile and perhaps this type of innovative technology was not well accepted. We are very surprised with the results because we have found a completely different scenario. Feedback has been great as 80% of new customers have included rounding purchases with their credit cards.
The next steps regarding aggregation is to expand, not only to rounding off savings, but to add the investment positions that the client has in other banks and insurers”
David Conde: Currently, we are in an environment of low interest rates, very high inflation and little financial education. A large percentage of the population is not aware of how much worse off we are going to live than the parents or grandparents who are retiring now.
How do you perceive the future and what steps should we take to improve?
Daniel Blanco: “To be honest, it scares me a bit. The public powers are announcing that pensions are going to solve 100% of your needs in the future and that carries high risks. We will see if in 20 years the State is capable of fulfilling this type of commitment.
On the part of the financial industry we play a fundamental role. We must educate in financial matters and contribute to savings as soon as possible, since a pension plan has not been solved in the last 5 years.“
Similarly, if you are passionate about innovation and the financial sector, Coinscrap Finance Meets is a perfect space to talk about your success story. Do not hesitate to contact us!
David Conde Sayans
CFO and Executive Director of Coinscrap Finance, David has over 10 years of experience within private banking and as an advisor to financial institutions. David Conde is certified as a European Financial Planner by the EFPA. As managing director, David is leading the team behind Txstockdata’s flagship product, Senseizero. Senseizero is a platform that turns big data from the Internet into trading opportunities.
Director of the Life and Pensions Business – Individuals at Caser Seguros.
Previously, he worked for 10 years at BBVA Asset Management, in functions related to marketing, sales and internationalization strategy. In the last 5 years, he was responsible for digital transformation at BBVA for savings and investment products. In addition, he held the position of Director of the Center of Excellence of El Corte Inglés in the United Kingdom for four years.